So let's get started here. I'm Ron Josey. Thank you everyone for joining us today. Ron Josey, I cover the internet sector here at Citi, and I'm really happy to have with us Lisa Utzschneider from IAS, CEO of IAS, and Tania Secor, IAS's CFO. So welcome, thank you for joining us. For those in the audience that are new to IAS, and probably you all know, but IAS is a measurement and optimization tool or platform, really, captures 280 billion interactions daily. 2,000 advertisers, I think, are using the platform, if not more, and basically all about minimizing waste in online advertising, I think is- That's right -ensuring that advertisers are getting what they're paying for. So Lisa's been with IAS for four and a half years? Correct. I think. Tania joined about a year ago? About a year ago, yep. It's exciting. So Lisa, Tania, welcome. Thank you for joining us in this- Thanks for having us, Ron. Global Tech Conference. So let's just kick things off just to level set. Lisa, if you just give us a quick overview, broad overview on IAS, the value prop, where you see IAS fits in the market, and just any sort of insights about the business. Sure, so again, thanks for having us. Pleasure to be here today. I'm Lisa Utzschneider, CEO of IAS, and, your summary was quite good, Ron. Thank you. So we're a leading measurement and optimization company, and what I mean by that is we help marketers and publishers find digital media quality. So I'll give an example. So a global marketer of ours is Nestlé, and Nestlé spends a lot of investment on digital advertising. So when Nestlé runs an ad, let's say on YouTube, a video ad, our technology ensures that Nestlé's, let's say, 30-second ad was viewed by a human and not a bot. There was no fraudulent activity, and I'd say more importantly, that Nestlé's ad ran adjacent to brand safe and brand suitable content. The reason why our technology is so important to the Fortune 500 marketers out there is, again, when you take a look at the digital advertising landscape, it is a $350 bilion-$400 billion market, continues to grow. As marketers ship more and more of their linear TV dollars into digital, they wanna rest assured that there is an independent verification company like IAS grading the homework of the tech platform. So again, we are just thrilled to be here today and looking forward to the discussion. We'll get into a lot of the YouTube comments, 'cause that's a big deal in the social networks and platforms. But I wanted to maybe touch a little bit on what you just said, grading the homework, so to speak. How has just the adoption of IAS and tools like IAS to grade the homework? Talk to us just about what we've seen over the last several years. Have we seen a ramp in this type of adoption from the advertiser, from the platform? Where is it coming from? Things along those lines. Sure. So, IAS, we are positioned in the center of the digital ecosystem. We have deep integrations across all of the major tech platforms, so think Google, Meta, Amazon, X, can't say Twitter, X, TikTok. So we're deeply integrated with all the major tech platforms, all of the major DSPs, and again, we play a critical role on behalf of the marketers to ensure wherever they invest in any of the platforms, that they are running their advertising adjacent to media quality, adjacent to brand safe, brand suitable, content. And when you take a look at, let's say, the last 18-24 months, just unbelievable adoption, especially in social platforms and connected TV. As I like to say, marketers go where the users are, and because of the explosive growth of social platforms, when you take a look at how much time users are spending on social platforms today, and also connected TV. I know in my house we don't even have a cord. My kids don't know what cutting the cord is. Everything is streamed. Marketers want to ensure, again, that IAS is there. We've got their back to ensure we're protecting their brand equity, and brand reputation. The other thing I'll add, and you had mentioned this, Ron, is media wastage. When you take a look at third-party research that's out there, there are estimates that about $0.30-$0.33 of every dollar is wasted because of bot activity, fraudulent activity. 30% of every dollar is very significant for the marketers, and again, that is why we play a critical role for the marketers, to ensure greater efficiency as they continue to increase their investment in digital advertising. That's great. I have so many more questions. I'm gonna stick to what I have here just 'cause we'll get into a lot about social and engagement in CTV and wastage, but maybe I wanna take a step back here before we dive deep into IAS. Just, I wanna hear your thoughts on what you're seeing from a macro perspective. Yeah. You know, we've been using the term stabilized. Online advertising stabilized. We've transitioned to improving, and I'm curious, when you work with the Fortune 500 and all of your advertisers, what is their take? And is it possible, you know, as you talk to us about what you're seeing from macro and online advertising, online versus offline, and just give us a sense of what you're seeing in the broader advertising landscape. Yeah, happy to do so. So one of my favorite things to do is to spend time with our customers and partners. It's a big reason why over 20 years working for some major- the major tech players, like Microsoft and Amazon, I was always based in the field to be closer to the customers. So when I listen intently to what the brands are saying and what the hold cos are saying, they're saying a few things. The start of the year, they started feeling more confident versus the back half of 2022. They were feeling more confident about the macroeconomic conditions, more confident about their digital advertising spend, and then Q2 got a little more confident. And to your point, we're seeing that stabilization and confidence, and also leaning into solutions like IAS for a couple of reasons. When you take a look at the macroeconomic conditions today, marketers, yes, they're feeling more stable, but they are also doubling down and scrutinizing efficiency and efficiency of spend. They're doing it in a couple of ways. They are methodically going through what I call the middle layer of all of the taxes they have to pay, like the tolls they have to pay in that pipeline of digital advertising spend. The good news is they don't view IAS as a toll. Yeah. They view us more as a must-buy and insurance to ensure that their brands are running adjacent to media quality. The second thing that we're hearing, or I'm hearing from the marketers, is they're also doubling down in the known entities, right? In the major platforms that are seeing really nice adoption, and they're spending less investment, fewer investments in shiny, new objects and the untested waters. And then the third trend that we're seeing, and we're totally up for it, is greater rigor and scrutiny on our product performance, our product and tech accuracy. We're seeing a lot of diligence in the RFI, RFP landscape, comparing our product and tech performance against some of our competitors. I think it's due in a large part to the efficiency focus that I was speaking to before. But also marketers, they've become much more sophisticated when it comes to brand safety and suitability strategy. That's super helpful. I wanted to ask a little bit more in doubling down on known entities. Sure. We're hearing the same thing. Is that more of a ROAS? Like, you're seeing better return on ad spend on these known entities. Maybe Meta has been investing quite a bit in their AI tools, their measurement optimization, new ad products are better. Is that why we're doubling down or seeing more on the known entities, or is it something else from macro, we know what we're getting overall? I'll have to pause a second to follow up. Sure. So there are a few things. I think, as I said before, marketers are getting much more sophisticated. They're demanding greater transparency from all of the platforms, whether it be transparency in the ROI of their investments, transparency in their programmatic spends, and then also greater transparency on ROAS or outcomes. So it's all of the above. They've raised the bar in terms of that demand of ROI and connecting the dots between investment and ROI. What do you think needs to happen for these other platforms? By the way, there's water here, sorry. Oh, she needs another one. There you go. That one looks used. I can take that. Yeah. But what needs to happen for other platforms, maybe not the known entities or just below the known entities, to benefit from this increasing confidence that we talked about in Q2? I would say that the, if you go to the layer below the known entities and the known platforms, having grown up in technology, I'm a huge believer in, and this might sound very basic, but setting clear expectations and delivering on those expectations, and picking a few priorities and doubling down. So my recommendation to those Tier 2 platforms is have a very simple product roadmap that's easy to understand, be transparent with that product roadmap, and in particular, the products you're rolling out, make sure that you're delivering on the products, the QA is there, the beta testing is rigorous. And that will build the trust of the marketers to ensure that they shift dollars over. That's great. No, I hear you. Very simple product roadmap. I mean, advertising is a relative industry, so, it's all about making sure one versus the other, and it's clear. Yeah. The one other thing, sorry, I'll add to that is, and I've learned this too, in my career, is singles and doubles work with marketers. Yeah. Right? So swinging for the fences, always going for that huge home run, just building their trust and building their engagement with a robust product roadmap, singles and doubles are great. So, let's dig in a little bit on maybe... So I know we'll get into traditional formats, but I wanted to highlight the newer formats. Lisa, you brought it up. I think the comment was last 18-24 months, saw a lot of engagement or adoption, social platforms, and CTV. Talk to us about social and in particular, short-form video. We're seeing just so much engagement. We see that with Instagram and Facebook Reels. We're seeing that with, of course, with TikTok, with Snap Spotlight, with X. So, tell us more, just how are you seeing engagement evolve from a social perspective? And, you know, now that IAS is working with most of the major platforms, how IAS is helping the feed or short-form video, just, you know, online. Yeah. Happy to go through that. So video is here, and video is the future, full stop. Short-form video in particular. User engagement, all-time high in engaging with short-form video, social platforms in particular, user-generated short-form video, highly dynamic, also highly unpredictable. Marketers want to be where the users are, and the user engagement is in creating and engaging short-form video. So an area where marketers have been demanding for several years is for the social platforms to open up their live feeds for independent verification companies like IAS. TikTok was the first social platform, I believe, to declare they want to be the most transparent social platform globally. They opened up their live feed. The marketers were really demanding TikTok to open up the feed. Just because of the nature of the TikTok platform, the user engagement, you look at their growth, their explosive growth. Marketers wanted to engage with users, but they wanted to rest assured that when they ran their ads in the live feed of TikTok, it ran adjacent to brand- safe and brand- suitable content. So we built a multimedia classification technology, it is called Total Media Quality, or TMQ, that we launched in TikTok and is fully running in TikTok and other platforms. The way TMQ works, and I know, Ron, if you spend time in TikTok at all or have kids that spend their time in TikTok, but the way the technology works, it's backed by ML/AI. It gets smarter as it goes, but it is classifying real- time, in the live feed of TikTok, image, video, same thing, audio, and text, real- time, highly granular. We're classifying frame by frame. That means if it's a 30-second video in the TikTok stream, we are classifying every single second of that 30 second. The technology can identify what I spoke to before, plus brands. So if a Diet Coke can is on a table at second number 16 in the video, it identifies Diet Coke. It identifies celebrities. And that level of granularity of frame by frame, our competitors do not have. One competitor is working at the metadata level, not very granular or sophisticated. The other competitor is first frame, last frame. As I like to say, there's a lot of action happening in the 28 seconds in between. Since launching the product, we've accelerated our product roadmap, schedule. So we were scheduled Q2 to launch it, roll from seven markets to 20 markets. We hit 30 markets second quarter. We're on path with TikTok to hit 40 markets by year-end. Also, by leveraging OpenAI, we have gone from four languages, to overnight, literally in 24 hours, to over 90 languages. With the TMQ? Yeah. Wow. With high, high accuracy rate. The reason why it's so important to accelerate that global rollout of a multimedia classification product like on TikTok if you think of a global brand like Coke, they want to rest assured that whenever they're running their brands in any market, they know it's adjacent to brand- safe and brand- suitable content. So we are just- have tremendous momentum with TikTok. The beauty of the product it is built to industry standards, so GARM standards, which is really important to marketers because they want to make sure that wherever that classification technology is running across any of the platforms, that the taxonomy is consistent. So what I mean by that is adult content, right? Violent content. If I'm L'Oréal, and I want to make sure that how our technology is classifying and defining adult content on a TikTok is the same on YouTube, same on Meta. So that's the TikTok story. We launched the product in YouTube in June. Okay. We launched it in 30 languages. Meta's up next. There's a lot of interest in Meta, and Meta opening up their live news feed. So think of the back half of this year as heads-down, integration beta. And I can also spend time on X if you'd like me to. I do want to get to X. Great. But I did want to... Y ou mentioned these social platforms, video's here, user engagement dynamic, and unpredictable was a term that was used. Correct. So I wanted to hear just how advertiser adoption has adopted these unpredictable newer formats. We hear more and more the lo-fi environment of social, of short-form video, helps brands get into the mix very quickly. But the unpredictable nature, historically, has kept brands out of this type of content. So just talk to us how brands have evolved. Are your clients have evolved to say, "We have to be in TikTok, we have to be on X, we have to be- Great question. So, one thing, and again, TikTok has been a phenomenal partner, and I tip my hat to them. When we rolled out the beta with TikTok, in three markets, three languages, it was US, Germany, France, TikTok insisted that the beta advertisers that we selected for each of those three markets had never advertised in TikTok. Really smart. And the reason... And these are Fortune 500 brands you would all recognize. But the reason why that was really smart is because if we were together in our partnership, able to convince brands who had been resistant for a long time advertising in TikTok to run in the beta, see the phenomenal results, test the technology, drive the adoption with those brands, it's an easier sell to get the rest of the brands on board. Sure. That was a really, really smart and strategic move. How hard was it to get those advertisers? Or was it easy? I don't know. I grew up in sales. Yeah. We got those brands on board with TikTok. Can I add on this, too, Lisa, and Ron? We're really seeing the impact of everything that Lisa just talked about in our numbers. So social media is up to 18% of our overall revenue. It's about half of our measurement revenue, and our social media growth rate was 33% in the second quarter, which was up from 25% in the first quarter. So a lot of the efforts we're making with our product roadmap, particularly on TMQ, is fueling our social growth, which is impacting our really strong measurement growth of 23% in the second quarter. Yeah. You're seeing the results here in almost real time then? Yeah. Because that's where consumers are, and that's the engagement and advertiser are adopting, 'cause they have to be there. I'm putting words in your mouth, but that's my thoughts. That's super helpful in terms of seeing the scale. Let's Lisa, you mentioned the X partnership commonly known as something else. Just it launched in August, I think, for pre-bid optimization, if I'm not mistaken. Just talk to us more about the partnership, and, you know, we hear more and I think it's exclusive, if I'm not mistaken. That's right, yeah. You know, exclusivity is something that seems to be, i t comes and goes, and we don't really hear too much about that. So just talk to us about what is the partnership and wh y did X want to go exclusive? Sure. So we were thrilled that X selected IAS as the exclusive partner to launch pre-bid brand safety and suitability. To clarify, the partnership was announced in August and then now we're heads down on the integration integrate on path to launch beta and GA by year-end. Okay. A big reason why X selected IAS is because of everything I just talked about, with the sophistication of our Total Media Quality technology. I would also say that marketers gave X very positive feedback about our performance as a partner, and also the sophistication and accuracy of our technology. It's a one-year partnership, and the reason why it's so important, I would say, especially on a platform like X, is prior to the announcement, we've been offering post-bid, so measurement solutions around viewability and invalid traffic with X. But what will really get advertisers to lean into the X platform again is brand safety solution. Yeah. So we're launching a pre-bid brand safety and suitability solution. And what that means is that the marketers, let's call L'Oréal, can rest assured, for example, that if L'Oréal runs their ads on X, it will run adjacent to brand- safe and suitable content that our solution has already deemed as brand- safe and brand- suitable. Got it. Really excited about the partnership. X, the engineering team has been great to work with. They're totally leaning in, to launch a phenomenal solution for our joint marketers. This is a great deal. We don't really hear much about from the Wall Street perspective, we don't hear much about X anymore other than the news flow. So this is helpful to hear about the engineering and the integration and their views here. Maybe on these newer ad formats and we have so much to get to, so hopefully we can. Okay. Just to talk about, so we talked about social, we talked about short-form video. Let's talk CTV, the other aspect of the, you know. So, CTV growth level, just talk to us about, you know, how IAS is positioned there, how you see the opportunity, and yeah. Sure. So in addition to explosive ad adoption and growth that I spoke to earlier on social, CTV is also an area where users are completely leaning in, in terms of- Including your household. Including my household. They don't even know what the cord is, when it comes to streaming content. When you take a look at our CTV solution, shortly after taking IAS public, just over two years ago, we acquired a company, a platform called Publica. It's a leading CTV platform, and it has just been a home run in terms of such an important asset, both for our CTV publisher community and our marketers. The way to think about Publica within the IAS offering is, prior to the acquisition, IAS were heavy buy-side. So we have 2,000 advertiser customers. We've been spending time talking about that. We also had an existing IAS publisher business, but what Publica brings to the party, it's a few things. So it's a leading CTV platform. We have deep integrations with video platforms, so think of Samsung as a CTV platform. We have an exclusive partnership with them. I could rattle off all the other partners, but Viacom, MLB. And what we do is we help the Samsungs of the world in a couple of areas. We help them optimize their programmatic CTV yield, right? We help Samsung drive up demand and drive up yield from marketers within a CTV platform. We also serve the ads for Samsung, and we're able to stitch the creative real time within the stream for Samsung. And the reason why this is so important for a platform like Samsung and the marketers, it's a few reasons. When you talk to marketers, why won't they shift more of their linear TV dollars over into CTV? They give two reasons. They say, "It's just not as transparent as linear TV," right? "I'm Nestlé. I run a 30-second spot on the Today Show this morning. I know exactly where my ad ran, when it ran. I know it's NBCU. I know it's the Today Show," yada, yada, yada. But programmatic CTV today, the only transparency marketers get is by app and device. Sure. Well, because of the Publica acquisition, we're able to marry up Publica's data with IAS's data and provide much more transparency to the Nestlés of the world, where their ads are running, whether it be by channel, genre, app, device. So, that transparency is a good reason why more marketers are moving their dollars over into programmatic CTV. And Lisa, maybe bigger picture, when we talked about just 2 Qs ago advertisers leaning more and feeling a little more confident, was that confidence because of the greater engagement and transparency in social, in these newer ad formats like CTV? We haven't even gotten into retail media. I'm sure that's in there, like the big three. I'm curious, the growth that we're or the confidence that we're seeing in online advertising, is that these newer ad formats driving that, or is that, you know, bigger picture, just every online, greater transparency, just a continued mix shift from offline to online driving that? Yeah. Try to understand the drivers- Are you saying from a macro perspective? Drivers of growth overall. Yeah, drivers of growth overall, I would say it's due to the increased growth and adoption of the social platforms, the short-form video products that the social platforms have released. And they talked about it in their Q2 earnings, like Meta Reels, like YouTube Shorts, and I won't go through their numbers, but incredible adoption and growth. And then the same thing for CTV. When you take a look at that marketplace, it's sizable, it's growing double-digit, and that's also driving the growth. Sure, yeah. A lot of growth drivers. We often get the question: "How in the world can online advertising do well? We're going into a recession, or there is a recession." And the answer is, well, an answer, maybe not the right one, there's so many new avenues of growth and engagement that we're now seeing monetization opportunities on these newer forms. Let's maybe switch topics a little bit and talk about, you know, the topic du jour of the conference in the last year, generative AI. Yeah. So, you know, just give us maybe high-level thoughts on generative AI and really the impact to the online advertising industry. We talked a little bit about the impact for or the benefits from TMQ, I think, but just bigger picture, how do you see Gen AI and, and how it impacts? Sure. So, Gen AI, it's a hot topic in the industry. It's also a really hot topic with marketers and the holdcos. They're trying to get their head around how to leverage Gen AI in a multitude of ways, whether it be creative, creating creative, creative optimization, driving efficiencies in their digital advertising spends. I would also say, as companies too, how can it help drive greater efficiency in operating your company? We are leaning into Gen AI. The example I gave in leveraging OpenAI with our language translation going from four to over 90 languages in 24 hours, is a great example of how we're leveraging GenAI to accelerate our speed to market, to accelerate our innovation on behalf of the marketers. But there are a few areas where marketers are raising their hand with IAS and saying, "Hey, there are so many other areas, AI, IAS, that we'd like you to explore," things that their code hasn't even been cracked yet. So things like misinformation, no one's cracked that code yet. Deep fakes, right? Yeah. Upcoming election season for next year. So our data science team, they're hard at work, looking at areas that are more futuristic in terms of how we can help marketers again find higher-quality media that leads to higher ROI. And the secret sauce of that is the higher-quality media by leveraging GenAI. Where do you think we're in the early days of GenAI. I mean, this is maybe year 1.5, just started talking about it maybe October or September of last year. When you think about where we are, what astounds you the most on the speed? Is that transition to 90 or, excuse me- Four to 90. Four to 90 overnight, I think is pretty amazing. But yet we're just a year into it. So it's 2024. How do you see 2024, 2025, 2026 play out? New innovations, where, where do we go from here? Yeah, I would say that, listening to the marketers, talking with the marketers about GenAI and how to leverage it, it can be overwhelming for them i n terms of all of the possibilities and how to apply this new technology. And I'm a big believer in just crawl, walk, run. So identify even immediate opportunities, like the language translation that I spoke to, that can demonstrate the power of GenAI, and then take it to the next level based on insights and feedback from marketers. So it's hard to say, look at the crystal ball and say, "Here's what 2024 or 2025 looks like for GenAI." It's more listening to marketers, what their needs are, and how to come up with innovative and creative solutions by leveraging both our technology and GenAI on top of that, again, to drive greater speed to market and innovation. We have about seven minutes left. We're gonna open up for questions in a little bit, so get them ready, I guess. But Tania, this one's for you. Yeah. I just wanted to get your thoughts on this broader pricing leverage in the platform, and then just the effect of pricing and what that means across. Sure. We have a really compelling business model, and you see it in our strong net revenue retention, which was 115% in the second quarter. And what's driving that is the customer journey typically starts with measurement. Our pricing on measurement is at a certain level, and then as the customer expands into our products, particularly on the optimization side, which has a much higher CPM, you know, there's an opportunity to drive velocity in our pricing, you know, of up to five to six times as the customer goes on that journey. So a lot of our revenue growth is driven by internal adoption. And what we're finding, too, is that, you know, our pricing when the tech is there and we have such a strong customer value proposition, our pricing is higher. As the customer moves along that journey, they really value that value proposition and the enhancements that our tech solutions are driving on their digital media spend, and we're able to capture that price, and you can see that in our uplift as customers expand revenue within our product suite. So the more they use, the higher they pay? Did I hear that correctly? Well, no. No, no. No, no. They make money in total. The more the, as they're adopting additional premium products that drive higher ROI for us. Greater adoption. That's greater velocity in terms of revenue. That makes sense. Maybe one last one for me, Tania, just balancing growth and profitability? Yeah. So we just talked about short-form video, about social, about X, about CTV. We didn't talk much about retail media, maybe we do. And then GenAI and everything else coming down the pike. And how do you balance, you know, just growth opportunities and margins overall? Yeah, no, thanks for asking, Ron. I mean, this is a question that's really near and dear to my heart as a CFO. And part of the reason I joined IAS is because we have multiple levers of growth, durable, long-term trends across many of our offerings and the markets that we play in. And so there's so much opportunity in terms of our TAM and our adjacent TAMs. It's really important as a company that we're driving efficiencies across the business so we can scale, and that we're set up for scale, but we're reinvesting those efficiencies into investments to make sure that we're driving as much top-line revenue growth as we can. So I'd call it, at the end of the day, it boils down to profitable growth. But it's really important, and you see that in our attractive margins. But from our perspective, we're driving these efficiencies and reinvesting those efficiencies to continue to drive our long-term top-line growth. Margins are 30%, mid-30% - Yeah, we were 34% in the second quarter. EBITDA margins. Yeah, on an EBITDA basis, correct. Great. Yeah. Any questions in the audience? All right, well, we can keep going. Let's talk about... Let's go back to the newer ad formats. We didn't talk about retail media, so sort of teed that up before. Sure. Talked a lot about social, short-form video, CTV. Retail media, sort of the big three of the newer platforms coming on. Just talk to us a little bit more about how IAS is positioned there. Sure. So, retail media, huge opportunity, bit of topic du jour. But when you take a look at the explosive growth of several of the large e-commerce, retail/e-commerce platforms, it's tremendous. So Amazon, full disclosure, I was Amazon for six years, built the ad business there. But you look at Amazon, they're finally breaking out their advertising business, over $40 billion in ad revenue. I have to interrupt. What do you think of that business today? I mean, were you astounded? Go Amazon. Very proud. Yeah, you should be. Very proud of the team, cheering for Amazon. They're a really important strategic partner of ours. Walmart disclosed $4 billion, and the one that I was amazed was Instacart recently shared $2.5 billion. So when you take a look at those top three players alone, and you take a look at the growth, I mean, I've seen estimates of $150 billion-$200 billion marketplace in a matter of two years? Yeah. Incredible opportunity. With retail media network, retail media networks, we're integrated in nine out of the top 10 retail media networks. The way to think about the opportunity, there's two sides of the coin. The one side of the coin, let's take a Walmart. Walmart is an advertiser customer of IAS. We are qualifying the media of Walmart's advertising investments in digital advertising. The other side of the coin is the integration into, like, a Walmart media network, where we are qualifying the media for Walmart's advertisers, both on their O&O, owned and operated platform, and then also third party. There's tremendous upside in the retail media space, both in the areas I spoke to before. I also think there's opportunity in leveraging and layering the retail media's data and interesting data, and leveraging it with IAS's data, all with the goal of helping marketers drive higher ROI. Sure, and where the consumers are. Where the consumers are. That's right. So we have about a minute left. Any questions in the audience? Otherwise, I'll get back to more of my questions. Okay. Let's maybe... Would love to hear- so I've got two more maybe, but international strategy. Sure. So represents about a third of revenue today. H ow do you where does that go? Does it get to 50/50 over time, mirroring overall online, overall advertising, or where, how do we think about it internationally? Yeah, so our international presence continues to be a huge differentiator for IAS. We have deep roots in EMEA and APAC, deep partnerships with the major marketers and holdcos. We also continue to invest in emerging markets, like Latin America, Southeast Asia, India. Second quarter in earnings, we cited some really great wins that the teams are putting on the board, like a Singtel, and then also double down in newer emerging markets. So we'll continue to invest, both from a product and tech perspective, to ensure that the products that we launch, they are global, they are scalable, we are innovating in areas like the language translation. And also investing in boots on the ground internationally to ensure that in the major markets, and the prioritized markets, we have presence in those markets, for our marketers. Yeah. Great. And the one thing I would add on top of that, while 30% of our revenue across the whole company came from outside the Americas, 41% of our measurement revenue came from outside of the Americas. We're really winning in social and measurement outside the Americas due to the investments we've made, going back quite some time. That's great. Well, I think we're in overtime here, so Lisa, Tania- Sure Thank you very much. Yeah, thank you so much. For coming today. Very much appreciate it and enjoyed it. Great. Thank you. Thank you. Thank you. Thanks, everyone.